Gotbit Founder Extradited to US on Fraud Charges

Aleksei Andriunin, the 26-year-old founder of the cryptocurrency firm Gotbit, was extradited from Portugal to the United States to face charges of wire fraud and conspiracy to commit market manipulation. Arrested in October 2024, Andriunin and his company are accused of providing market manipulation services to inflate trading volumes for various cryptocurrency firms, including those based in the U.S., between 2018 and 2024. Prosecutors allege that Gotbit engaged in 'wash trading' to artificially raise the visibility of tokens on platforms like CoinMarketCap, leading to significant financial gains. In total, the indictment includes charges against two other Gotbit directors, Fedor Kedrov and Qawi Jalili, and cites that the firm earned tens of millions from these operations. If convicted, Andriunin faces a maximum of 25 years in prison. He appeared in a Boston federal court and has been ordered to remain in custody pending further hearings.